What's the number?

[Sirshredalot]

My question for those who are throwing out $2M to $7.5M numbers and currently lack any likelihood of amassing that sum or anything near it: Are you on the work until you die plan?

I think I've got a shot of amassing that amount of money at some point, but if my career doesn't break right I easily might not. Obviously I won't need 8 million in today's dollars to retire if I'm in my 50s or 60s - I figure I need that much to hang 'em up at 29. I think the default assumption for people of my generation is that we're on the work until you die plan. I know I'm doing better than the vast bulk of people my age in terms of net worth, but it will really take some doing for me to save enough to retire by, say, 60 or 65 the way my parents and grandparents did it. The best I figure I can hope for is to have a house paid for free and clear and any dependents out of the house at an age where I can go back to teaching skiing full time as a sort of semi-retirement. That wouldn't be bad at all.

[Benny Profane]

My father's first name was Milton.

[iceman]

No, you are missing my point. I know that 60 y.o. man with $500K may well live a better life than a 60 y.o. man with $5M. One who monetizes the value of everything is incapable of acknowledging that possibility.

What is the sound of one lip flapping?

[Benny Profane]

Sounds like it.

[iceman]

The irony of this thread is that I'm likely far closer to my number than 95%+ of the others posting. It's a nice place to be.

Huh and I thought it was ironic that you thought it was about you. But perhaps it was simply amusing and not particularly ironic.

[iceman]

What does Springsteen have to do with this?

edit: upon reflection that was far too easy and not funny enough, I will try to do better.

[AdironRider]

I guess that Milton education did some good

I agree, but more so on the prep school high quality pussy aspect.

Which I guess has lost some clout after the whole 'Mustang Sally' incident a few years after I graduated.

[systemoverblow'd]

My question for those who are throwing out $2M to $7.5M numbers and currently lack any likelihood of amassing that sum or anything near it: Are you on the work until you die plan?

This question actually got me to thinking so I did some maths (about time I did it). If I were to retire at 65 I would make roughly from today until then $4.5M. Now this is a laughable number because I figured in the 3% per year raise on review and the 10% bonus for management. And I can't be certain that this would be the case all those years as long as I don't downgrade so I'm just using it as benchmark. I think it is a fairly obtainable goal in my line of work and position I am in. And I'm not exactly poor at the moment either.

So if I take half of that away in taxes I'll have roughly $2.25M. I won't lose all that in taxes but again, it's just a nice round figure. Let's take a million of that and throw it away on living expenses by 65. Given all that, smart investing $1.25M over the course of those years along with my current holdings and with a little luck I should hit my number. That is if I don't fuck everything up or fall on unreasonably hard times. But it is sobering when looking at it like this because I make a fairly substantial salary and to think I may not hit my goals is sobering.

I think some others here should sit down and do the math and think about where they will be at 65 IF EVERYTHING GOES PERFECTLY. Then take some considerations into effect and see if you will have your number. And then plan your future accordingly. No one says you got to be rich but it would suck to get to 60 and 65 and realize there is zero chance you will have enough money to retire anytime in your life.

[XXX-er]

The irony of this thread is that I'm likely far closer to my number than 95%+ of the others posting. It's a nice place to be.

the even bigger irony is that the rebel without a clue, the guy with the least education, no plan, no investing savy, no budget ever was "there" at age 49 which was 6 yrs ago

you will all do something until you die I get the feeling most of you don't realize its not just about the money

[DougW]

the even bigger irony is that the rebel without a clue, the guy with the least education, no plan, no investing savy, no budget ever was "there" at age 49 which was 6 yrs ago

you will all do something until you die I get the feeling most of you don't realize its not just about the money

But you had as I read it had the tipping point forced on you. You were forced off the track and had to decide ether to get back on it. Most of us its the point or number when you decide to get off the track and choice another. Its all about risk and reward. Every year you work means don't reduce that pot and increase it. That reduces risk. Of course that reduces the number of Tuesday powder days and increases the number of meetings you have to go to again talk about how we're going to buy those boilers and talk to that brainless contracts lady who has nothing between her ears.

If I was forced today to get off the track today it would be messy but doable.

I think the number is a function of how much you need to live. If you NEED to travel then you need more. If you need 3000 sq ft house even if its paid for you will still need more $$.

[warthog]

My question for those who are throwing out $2M to $7.5M numbers and currently lack any likelihood of amassing that sum or anything near it: Are you on the work until you die plan?

Just based on 401 K alone, if I retire at 65, with 4.5% growth figured in, I will easily hit my number. That is not taking into account my pension or my wife's 401K.
So yeah, my number is totally hittable by 50 or 55 if I wanted to retire.

I also have $$ from inheritance, and so does my wife. My kids will have money from us and their grandparents too. That is how our families role. Our great grandparents came over from Italy, Ireland, and Poland with nothing, and they made sure the family would never want for anything again. It is our responsibility to continue that. I know that will get the self made crowd in an uproar, but I am not afraid to admit it.

[Toadman]

My question for those who are throwing out $2M to $7.5M numbers and currently lack any likelihood of amassing that sum or anything near it: Are you on the work until you die plan?

Just based on the premise of the OP, I wasn't thinking in terms of earnings but what I would do if I won a small multi-million dollar lottery or hit the jackpot in Vegas. But in terms of where I am now, and if that trend continues, no, I won't hit the number I threw out there. And I wouldn't quit my job tomorrow if I ended up with a $1 million dollar after tax windfall either. Nor would $2 million cause me to check out of the rat race. But I sure would enjoy some heli-skiing every now and then!

Who knows what the country will look like in 20 years? I don't plan on working until I die but some times the best layed plans go astray...

[XXX-er]

But you had as I read it had the tipping point forced on you. You were forced off the track and had to decide ether to get back on it. Most of us its the point or number when you decide to get off the track and choice another. Its all about risk and reward. Every year you work means don't reduce that pot and increase it. That reduces risk. Of course that reduces the number of Tuesday powder days and increases the number of meetings you have to go to again talk about how we're going to buy those boilers and talk to that brainless contracts lady who has nothing between her ears.

If I was forced today to get off the track today it would be messy but doable.

well I had that DB pension but thats cuz I got on the gravy train at 18 when a lot of you folks were lying on the beach, skiing, collect EI & screwing frat girls instead which is BIG cuz the money is there every month as long as I can keep breathing, but obviously I was "there" at 49 I just didn't know it and spent 5 yrs to very slowly become aware, I have slowly spent some of the money/built the machine which is selfsustaining and i spend more $ now than i ever did

the big reason I was "there" and didnt have to get back on the track was the minimalist existence which speaks to "NEED" and the fact that Canadians hold way too much debt because they are all buying too much shit they don't need, so I did it backwards starting with spending WAY less & work into more as i could afford to

Getting "off the track" is actualy more doable and less messy than you think IF you change your life which you ARE already going to do if you are quitting THE one thing that has defined you all your adult life

me,I don't have a plan or a clue, never did AND it being "the long strange trip" only looks good in retro-spect

[DougW]

the big reason I was "there" and didnt have to get back on the track was the minimalist existence which speaks to "NEED" and the fact that Canadians hold way too much debt because they are all buying too much shit they don't need, so I did it backwards starting with spending WAY less & work into more as i could afford to

I see your point and I think I agree. No DB so my number is lump that I have to generate an income from so my risk. So I have to , no I choose to, limit my risk by getting ready by working an extra 18 months or so. Doing it in stages. Getting ready , getting rid of stuff don't need or want any more. Getting stuff do need. I need a better table saw and a pressure washer and a pair of Big Dumps. Reducing risk by not budgeting for things but getting them done. Build a barn , getting kid started post grad.

[DougW]

Need?

678

Need , yes , what people think they "need". My wife needs to have a horse. That means 200 bales a year. But that horse only needs to cost $3000 or so and she does her own trimming. Those bales can be delivered or they can be picked up off field or enough labour put in so ~free. So all she needs is a horse , X-country skis , skis and a pass and some white wine and she's good. Though she doesn't want me to take up mountain biking because she thinks it will cut into her other needs.

I could live on 30K a year. But I need to ski. But I need to spend $150/month on booze. But I don't need to travel.

[grrrr]

For me, it's more about annual income than money in the bank, as that is how our pensions work.

If it goes as planned, at 55 I will have $250,000 in the bank and an annual income of $40,000. if I go to 60, I can have $500,000 and $55,000 clear.

[XXX-er]

Need , yes , what people think they "need".
.

need / choose / want

"NEED" is like you need basic food/clothing/shelter,everything else is a WANT and you get to CHOOSE so consider just how many things could not exist without the word "WANT" like ... amex or visa ?

[iceman]

Well amex is like cash but you get miles, that's not the problem.

[jack shit]

Shit happens, but opening the doors just because the kid isnt happy is not the answer, that was more my point.

You still call the shots, and if your kid was going nowhere, on drugs, etc would you still have open doors?

At some point the responsibility it theirs. Thats not to say no matter what they cant move back in, but theres a time and a place type thing. To think someone needs to save up expecting their kids to boomerang is the wrong way to go about it.

I have a stepson who has some issues. He has tried to make it on his own and failed twice. Brushes with the law, weed dealing resulting in a felony conviction. Some people have said we should let him sink or swim on his own. We can't do it. I bring him home, dust him off, try to get him going in the right direction and let him try to fly again.

This year will be interesting because my wife and I are travelling a lot. All I can say is each kid is different and you do what you think is best and pray it works.

[iceman]

Man a felony conviction for dealing weed basically means you don't give a shit, good luck bro.

If you're ever gonna get sick of it, now is better than later. If you don't care, hey have a nice day.

[AdironRider]

Seriously, a felony for weed this days means the kid practically wanted it to happen.

That being said, I can see how it would ultimately be tough to just shut the door on a kid, but shit if my kids out getting a rap sheet he can handle that on his own.

[ill-advised strategy]

I felt like I was living like a king in my $100,000 house in a bad neighborhood in Salt Lake making about 28,000 a year.

I had a season pass or two, a cheap motorcycle, $5 drop-in hockey, season tickets to the ECHL team, midnight movies, mexican food and Dees at 2am. I had cheap cars and a UTA pass. I could ride the train to the top of the hill and cruise downhill laps on my bike all day long.

I had a ski bench with a bunch of cheap tools from harbor freight. I had a little garden with tomatoes and carrots and corn. I had grapes and plums in the back yard. I had dogs and cats. I had friendly neighbors who were delighted if I brought over some steaks, cheap beer, and corn for the propane grill. They had pot and liked to watch movies in the basement.

If I had that house paid for and a million dollars I'd seriously be the happiest guy you've ever met. Live on $30-40K interest indefinitely. Things get ugly, sell the house. If I get really old, start using the principle. Sheeeeeeeiiiiit.

Just the fact of not needing to worry about a normal job would leave a lot of time to buy and sell stuff or work a fun part time job if something came up. Could build motorcycles or restore cars or grow pot or something.

[Benny Profane]

For me, it's more about annual income than money in the bank, as that is how our pensions work.

If it goes as planned, at 55 I will have $250,000 in the bank and an annual income of $40,000. if I go to 60, I can have $500,000 and $55,000 clear.

How does the cash double like that?

[warthog]

How does the cash double like that?

No shit- that is 5 years well spent.
If I stick it out with my current employer(or they stick it out with me- which is likely) I will get about $5800 a month from them. In 2040 dollars, that will be less than it is now, but it will pay for vacations or medicine, or food, or whatever, on top of what I am saving on my own.

[jack shit]

Man a felony conviction for dealing weed basically means you don't give a shit, good luck bro.

If you're ever gonna get sick of it, now is better than later. If you don't care, hey have a nice day.

It does take an infinite amount of patience. Occasionally, I run really low.

He has 12 months left on parole. Parole because he fucked up while on probation. In twelve months, he will have a record but not be reporting monthly. In twelve months, his driving privileges will be restored after a 6 year suspension. Will he make it on his own? I highly doubt it. Faced with making a good decision or bad, he will go bad every time. No doubt with his attitude he is heading for long term incarceration. I want to have a clear conscience that I did everything possible to intervene.

We have told him that in twelve months we are downsizing and he is on his own. After our little well deserved hiatus, we are buying a small condo. Sink or swim time.


On another note... it sucks that this was to be the great ski year for us and so far, not much snow anywhere.